Search form

Search form

Gary Gensler, chairman of the Commodity Futures Trading Commission, will testify today via videoconference before the European Parliament's Economic and Monetary Affairs Committee about benchmark interest rates. Among topics Gensler will address is the London Interbank Offered Rate, which has been the focus of an international investigation because of possible manipulation.

Related Summaries

Commodity Futures Trading Commission Chairman Gary Gensler discussed a range topics, including the London Interbank Offered Rate issue, swap-execution facilities and the agency's shortage of resources, during his keynote address at an industry conference. Gensler recounted the CFTC's accomplishments while standing his ground on controversial rules.

Gary Gensler, chairman of the Commodity Futures Trading Commission, who in the past said the best way to fix the London Interbank Offered Rate was to kill it, said Thursday that change for the better is possible for Libor if it is done on a global scale. However, he noted that it would take a good deal of time to make such changes.

Gary Gensler, chairman of the Commodity Futures Trading Commission, says changes should be made to interest-rate benchmarks, including the London Interbank Offered Rate and the Euro Interbank Offered Rate, as well as benchmarks tied to oil, gold and other commodities. "I believe Libor and Euribor are unsustainable in the long run. They threaten financial stability," said Gensler, who co-chairs a regulatory group focused on such benchmarks. He says Libor and Euribor should be replaced by alternatives that are based on actual transactions.

Fraud continues to affect the way the London Interbank Offered Rate is set, says Gary Gensler, chairman of the Commodity Futures Trading Commission. "We have a lot more work to do," said Gensler, who noted lapses in regulatory agencies.

Gary Gensler, chairman of the Commodity Futures Trading Commission, has emerged as a leader of the regulatory crackdown after allegations of manipulation of the London Interbank Offered Rate and other benchmark interest rates. "These rates are at the absolute core of our global financial system," Gensler said, adding that false reporting "goes to the integrity of markets and how much trust the public has in them."